1/8Dominique Cerutti, president and deputy chief executive, NYSE Euronext
"All three are significant challenges facing the exchange industry. We believe that the industry’s approach to alternative venues should promote a level playing field where all venues are held to the same standards to ensure adequate regulation and the prevention of market abuse. With reference to the FTT, we consider it to have a potentially wide-ranging impact on the functioning of the capital markets and for HFT, we think it is worth putting things in perspective. HFT provides many clear benefits, such as more market liquidity and generally lower transaction costs for participants. Speed by itself is not bad. Regulators and the industry need to tackle more appropriately market manipulation, which may happen in low-frequency as well as high-frequency trading environments."